And last trade at $1.30. I guess I've got to treat this as one that got away.
:mellow:
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Well there was a window of opportunity today at $1.25.
Trust it was a cunning Sharetrader member who took it.
I note that Rangatira Ltd disclosed a shareholding if Syft worth $0.1m (rounded) in their March 2020 annual report. Maybe they have continued to build on their shareholding stake since then?
I will be watching the agm on line tomorrow afternoon.
You and me both, Percy!! I like the progress of this company.... long may it continue. Tomorrow will tell a bit more of the story.
Perhaps I may have learnt something had I attended the agm in person.
The live stream was extremely disappointing because of it's poor quality .
https://usx.co.nz/uploads/paperclip/...pdf?1601006402
I agree it wasn't the most professional 'stream' I have seen.....
But SYFT still seems on track to make an extremely valuable inclusion to a portfolio. Their approach to balancing R&D and commerce impresses me, and the personnel they have with the enthusiasm....... They don't have many "runs on the board" at this stage... I hope I have enough years ahead of me to see this one out! If 'one other' University-started company had approached their commercialisation with the attention to all aspects of 'business' ...
Overall, I was pretty impressed by the presentation, and their forward projections.
Doug Hastie's reappointment as a director failed to pass at AGM and he has resigned as CEO:
https://usx.co.nz/uploads/paperclip/...pdf?1601264109
29.4 million votes against suggest there was an orchestrated campaign to remove him.
Presumably frustration with a lack of substantive progress.
He made a funny comment during the meeting along the lines "if you don't like what I am doing vote against me",which a lot of people did.!!
I do not know what must have gone on behind the scenes, but he was responsible for turning "a dead duck into a going concern.".
However, as you pointed out there must have been "an orchestrated campaign to remove him".Considering he held a large shareholding it must have been very well organised,and included major shareholders..
I think we shareholders are lucky having Al Monro as chairman to step into the CEO's role, with his back ground to guide the business.
I expect the share price will be under a lot of pressure with Doug Hastie wanting out.
We live interesting times.
I will hang onto my shares as I feel the business has excellent prospects.
Bugger!!!! I am very sorry to hear of this internal strife. When this type of power play occurs there are two 'camps' wanting to go in different directions. I have been impressed by the way SYFT has produced their products to international standards, and have been very involved in R & D, but also ensuring that the product has a marketing stream - science and sales moving in a complimentary manner. (What if PEB had the same approach...?)
SYFT is growing - and now I think the battle is Science v. Sales. I still think this company can, and will, become a market leader in its field.
I hope they sort the difficulties out quickly. My sympathy also goes to Doug Hastie, who has grown the company to its present stage. Sometimes leaders can overstep the mark.... Best wishes to all.
Hmm the last two presentations I went to gave me the feeling Doug thought it was his show and not that worried about shareholders wanting to see value reflected in the near term. So fell on his sword so to speak. Interesting times.
Looking at the ten largest shareholders detailed in the 2020 Annual Report we have:
ACC 11,670,738
Doug Hastie 11,253,981
Whale Watch Kaikoura (Ngai Tahu) 8,725,000
Douglas Ziffel & Snoot (New York) Ltd 4,400,000
Collins, Dwyer & Bill Parsons Trustee Ltd 3,000,000
Wing Kai Leung 2,168,783
Iconic Investments Ltd 2,108,706
Opihi Investments Ltd 2,062,447
Forsyth Barr Custodians Ltd 1,277,044
Maarteen Janssen 1,223,505
29.4 million votes against is a very substantial voting block.
Does the dissatisfaction explain the delay in the AGM notice being issued as the protagonists and Doug Hastie sought to work out their differences?
Would have taken a lot of organising getting that voting block.
Would really have needed No.1 and No.3 shareholders onboard.
The fact the vote was not a show of hands tells me it was not unexpected.ie The chairman did say the results would be announced on Monday.
No.1 shareholder has had a lot of impute in the business.ie have a director.
It would appear it was Doug's way or the highway.Shareholders voted the highway.
The Herald reports that ACC, the largest shareholder, was behind the power play.
The head of ACC private markets lost his board seat last year so who knows what has been going on...
Disc:- Long time shareholder
Well Doug's departure has spooked the market.
One buyer for 661 shares at 60 cents.
Lowest seller with 50,000 is at $1.25.
It is a times like this, we are reminded of that great definition of a long term hold......A short term one that did not work out......lol.
A good announcement from SYF, seeking to provide reassurance that there is nothing to see here following the dumping of Doug Hastie.
The Board have strong credentials and experience. Damien Fischer also looks like a good appointment. Interesting that the announcement today also has Nicole Robinson’s name on it, suggesting she is onside with the change (or maybe I’m reading too much into that?).
Im hopeful that a new CEO will accelerate the commercial progress of the company. Fingers crossed they can recruit a candidate with the appropriate talent, connections and drive. Through an equity sweetener as part of the remuneration package, there should be plenty of upside if the new CEO can drive shareholder value.
Will be interesting to see where the share price goes over the next few months, however Doug Hastie’s stake is a large overhang until it finds a buyer.
306,000 shares traded today at 80 cents.From last previous sale of $1.25 we have seen Syft's market cap fall in one day $33.267 mil.
ie down 45 cents with 73,925,992 shares on issue.
I would doubt it is Doug Hastie selling on market,however I think it will put pressure on the price he will receive for his 11,253,981 shares .
I’m assuming it would be in Doug Hastie’s best interests to find a trade buyer for his 15% stake - dumping the shares into a relatively illiquid secondary market will take some time to move and only put further pressure on the share price.
If I were Doug, I’d be looking for an industry player or a venture capital fund who believes there is some upside. Maybe the large shareholders who rolled Doug believe in the future without him and are prepared to double down?
The large shareholders who rolled Doug have seen the value of their shares fall 36% today.
I trust they have a buyer/buyers for Doug's shares.
Be interesting seeing at what price.
I had thought of adding to my holding, in the expectation the rollers had a plan to see Syft progress more positively.
However I will sit on the sidelines until the dust settles,as I do not add to a losing position,yet I think Syft have all the ingredients to be very successful.
Does anyone have any insights whether Doug Hastie has been moving his stake or not? From what I can see the number of trades and volume through USX has been small over the past month. I agree with Southern Lad that he's better off approaching a VC, fund or potentially existing substantial shareholder.
I also note from my review of their 5th October market announcement that the half year results should be out this coming week. Any insights whether the impacts from Covid they had previously noted have continued? If they haven't been able to get to customers and make installments then I'd say this will impact them significantly.
Result announcement.
https://usx.co.nz/uploads/paperclip/...pdf?1606176011
Interim Report;
https://usx.co.nz/uploads/paperclip/...pdf?1606176011
Still profitable,with a strong balance sheet,however cash flow is negative,and the move to a greater service model will add to overheads.
I thought the results were fairly respectable in the circumstances but certainly a big drop in growth. Share price has been absolutely hammered since Hastie was shown the door, I am wondering whether to top up at these prices. Huge potential if they can stay on track.
What put me off last time I looked at this company was their low stock turnover.
Is it/will it improve?
Even the best technology will drop out of sight if not enough stock can be sold
I believe their current problem is more opportunities than they can explore and they have been going hard to increase production. Hopefully moving to the new building will help with that.
Until covid, growth was pretty exceptional and expected to continue with ambitious long term targets (1 billion in revenue). They are currently working hard in environmental monitoring and semiconductor manufacturers, but there are plenty of other areas they can explore when they have the capacity and freedom to travel for sales and installations.
Sounds great but
Sales $14m,inventories $7 m? So they have 6 months worth of inventories?
Trade & other receivables $9m nearly 60 % of annual sales?
If they sell $1.1m/month they are waiting 8 months to collect their money ?
Is this too simple a summary ?
Sadly, it just does not conjure up a company going anywhere fast. No wonder the board? was not happy.
https://www.usx.co.nz/uploads/paperc...pdf?1607287602
Looks to be an excellent appointment.
Agreed, looks to be a sounds appointment Percy.
I also see Syft trading at / near all time lows? I've been searching for reasons to take a position in Syft but was left feeling fairly underwhelmed following the interim announcement. Looking forward to see who they pick to take the reins and to see what their vision is for the company.
If the share price continues to drop at some point I might just have to dive in.
Anyone have insights into what Doug Hastie is up to with his large shareholding?
European appointment
https://media.graphcms.com/qld3i68LTumVwviV6Z7M
MU has blow out result last night in the U S, will it flow on to SYFT ?
I have been interested in SYFT for quite a while. And was impressed with the technology and organisation , from 'afar' it seemed to be a very innovative and progressive company.
Well all that stopped abruptly when the CEO, and major shareholder '"vanished". And the SP dropped accordingly.... bugger.
But the last few months have indicated that the company is alive and well, with new appointments, and a bulletin now coming out. The SP has picked up.
Any observations from ChCh would be be very welcome.
https://usx.co.nz/uploads/paperclip/...pdf?1610413914
The latest newsletter seemed very positive.
Changing their business model from just machine sales, to machine sales and service, will add to costs in the short term.
Longer term we will have to wait and see.
I think having Al Monroe as Chairman is positive.Also the board appears to be made up with capable people.
Thank you Percy for your reply. A pity about Doug Hastie but....... I still think that this will be a business that will progress markedly with time, and I am certainly pleased to have a modest holding. Happy to have SYF and PAZ in my stable!
Director Michael Bushell purchased an additional 44,000 shares at an average of 67.14 cps in mid December - https://www.usx.co.nz/uploads/paperc...pdf?1612146848
A positive sign to the market, albeit at a pretty low price given recent trading ranges. Presumably the market is looking for a new CEO appointment and confirmation on future strategy before the share price will show any further recovery.
https://www.usx.co.nz/uploads/paperc...pdf?1613076554
An outstanding appointment.
Pleased to see a CEO appointment has been made, although immediately met with a minor share price fall!
After a bedding in time and an understanding of Syft’s product and business opportunities has been gained, I look forward to some clear articulation of future strategy.
https://www.usx.co.nz/uploads/paperc...PDF?1621886800
Well came through Covid challenges profitable,however plenty of challenges going forward.
Plenty of "well positioned" so lets hope so.?
Yes, not a bad result. I thought Percy would like the "well positioned" wordage in the report. I had hoped that this would go on a similar financial path as PAZ, but after the CEO "vanished", and Covid came along, it has been a struggle. Still, a good basis for the future, a good product, good personnel - the struggle is all ahead of them.
Chairman Al Munro purchased 60,000 shares at 80 cps earlier in the week. This is a good sign of confidence, especially given this is his first shareholding in Syft.
I watched the Shareholder Briefing earlier in the week. Alex Fala came across well and appears to be on top of his stock take on where things are at. Looking forward to the strategy update scheduled for July.
I took it as a good sign that despite the teething issues Micron has ordered more.
Alex Faia comments on the NZ economy.
https://www.stuff.co.nz/business/the...-ceo-alex-fala
Another positive announcement.
https://www.usx.co.nz/uploads/paperc...pdf?1627588951
https://syft.us13.list-manage.com/tr...b&e=7afb1ca694
Looks as though the AGM on 2nd September is going to be a battle between Doug Hastie and the board.
“The Cracken Wakes” - a great read by John Wyndham. I am pleased to see that some explanation for Doug Hastie’s sudden departure, especially when SFYT was progressing well/remarkably. And the slow slip into today’s lethargy….. for the companies sake idohope the air is cleared.
I look forward to the AGM.
And I wish the company well.
https://www.usx.co.nz/uploads/paperc...pdf?1629259601
I expect there will be fireworks at the agm.
Sad
It is very unlikely to end well for the company
Shareholders would have received the email from two very knowledgeable people. Since Mr Hasties ‘departure’, Syft has drifted…..downward. And at last some explanation for the unexplained events over the last year or more is on the horizon.
I am not at home at present, trapped by COVID, so am not in my ‘comfort zone’ where I would be better organised to reply very positively to Doug Hastie’s response. This company could be a game breaker - under the previous management!
**** fights rarely increase profits
I would have jumped too if I owned.
Way back when I looked at this Co. stock turn was abysmal
https://usx.co.nz/symbol/syf
War of words just warmed up.
"Syft Technologies has had a strong start to the first half of its financial year commencing 1 April 2021, with total orders of $20.0m received already and more than a month to go in the half. This compares very favourably with the $28.8m revenue received in all of FY2021.
But what revenue?
Orders for when?
https://usx.co.nz/uploads/paperclip/...pdf?1627588951
9.2m just went through at 75c!!
Much as he did good work stabilising the company, this is probably for the best to allow them to move forward.
So where to from here ?
Any picks on who purchaser(s) of the 12% stake at 75 CPS is?
The 75 CPS transaction price indicates that the seller was driving the deal rather than a purchaser approaching Doug with an offer he couldn't refuse. If it is Doug who has sold, suggests the numbers were against him for Thursday's votes.
Whoever has purchased, I hope they are a supportive and stable shareholder. Given the Freightways accrual of additional amounts due for the Big Chill earn out, Colin Neale probably is looking for a home for some spare cash.
Syft_Market_Announcement_to_Shareholders.pdf (usx.co.nz)
Major share transaction and changes to resolutions put to the AGMSyft Technologies (USX:SYF) has been advised by Mr Doug Hastie, that today he has entered into atransaction to sell all of his shares in Syft Technologies and that the sale is required to settle beforethe AGM.
This means that Mr Hastie will not be a shareholder of Syft at the time of the AGM.Mr Hastie has also advised that (if the transaction settles), Resolution 8 of the extraordinary businessof the meeting (being the resolution that Mr Hastie be appointed a Director) is to be withdrawn.
Accordingly this resolution will no longer be put to the meeting if the transaction settles.
Based on proxy votes, all of Doug Hastie's resolutions failed to pass. Doug didn't make any substantive comment other than to note he had voted with his feet. Formal result on resolutions to be announced tomorrow.
Alex Fala sounded like he is making a difference, and presented a clear strategy to move the opportunity forward. As the presentation notes, SYF still in a 'consolidate' phase for the next six to twelve months.
The Companies Office shareholding details have been updated, which indicate Doug Hastie's 9.26m shares were sold to:
ACC - 2.5m shares (to take them to 19.84%)
Forsyth Barr Custodians Ltd - 2.0m shares
Leveraged Equities Finance Ltd - 1.5m shares
Olaf Eady - 0.6m shares
Mike Bushell (director) - 0.7m shares
Louise Paterson - 0.6m shares
William Johnstone - 0.7m shares
Syft_Interim_Report_2022.pdf (usx.co.nz)
Syft_Interim_Results_Announcement_2022.pdf (usx.co.nz)
The first half of FY2022 has seen a strong return to growth at Syft with operating revenue up 34% over the first half of FY2021.
Financial performance
The highlight of the first half result was a 56% increase in gross profit compared to the same period last year (from $7.1m to $11.1m). This is driven by 34% growth in operating revenue and an 8-point increase in our gross margin (from 46% to 54%). Combined with a pragmatic approach to costs, the business delivered $3.2m in operating profit.Revenue growth was primarily driven by momentum in our existing semiconductor relationships, and increased contribution from US/Europe as the period progressed.The improvement in gross margin was largely due to the more stable relationship at Micron, which allowed support costs to settle to a more ‘steady state’ level.
Operating expenses increased by $1.8m (vs H1 FY2021) primarily due to the costs associated with the lease of the new facility and foreign exchange losses on financial instruments held in line with the Company FX hedging policy. This was offset by increased capitalisation of development costs.More broadly, Management took a conservative approach to operational investment in H1, as a prudent measure as we built more certainty around revenue results. Investment will increase in the second half of the year as we execute on our growth strategy.
Operations
Product development has continued at a good cadence. Much of the near-term benefit of this has been seen in stabilisation of the Micron relationship, and improvements in gross margin. We have now moved beyond stabilisation to delivering on changes to the architecture of our core platform that will enable future innovation, in line with our strategy.Aaron Latimer joined the business on 1 November as Vice President of Operations. He is responsible for all manufacturing, supply chain and global support (collaborating with our in-market teams).
OutlookSyft has had a strong H1 and the signs are positive for the remainder of the year. There are sufficient deals in the pipeline to generate continued revenue growth. However, this includes a number of large deals which create significant uncertainty about the level and timing of revenue delivery. As above, we intend to increase investment in H2, particularly in product development and support
Unusual to see a company with such high potential growth trade on such low multiples. They now have capacity to produce five times as many as they did in the old premises. Will it run like Rakon when the market eventually wakes up?
An excellent result.
495,247 shares traded so far today with 350,000 traded at $1.00 while the rest traded at $1.08.
Financials looked to be in good shape.
https://syft.us13.list-manage.com/tr...2&e=7afb1ca694
This put a rocket under the share price.
Maybe I should never have sold..lol
Looks like a great match, new board member with experience on scaling mass spectrometry and other analytical device businesses. New investor with experience in life sciences and healthcare which Syft have dabbled with and have a lot of potential in - they've just been fully focused on the semi conductor opportunity until now. This funding boost should help them spread the focus.
Anybody going to the factory tours on the 10th - should be very interesting- looking forward to it (very long time holder)
Seems a bit out of sync this "major Semiconductor customers " & H1 revenue is projected to be similar or slightly lower than the $13.4m revenue achieved in the last half year (H2 of FY2022) ?
Achieving & anticipation are two different beasts. Do they really need to talk up future sales? Where oh where have we heard that before?
Don't follow this company but seeing Percy & SB show it interest, I read through recent reports. Percy, I think "shocker" is a kind word for their recent performance
Things still not good at Syft
https://www.usx.co.nz/uploads/paperc...pdf?1675887377
According to todays Stuff paper 20 workers laid off due to softer order line but rest of biz is O K.
Syft has been very quiet with its USX announcements since the market update issued on 9 February. Annual results announcements was made in May the last two years and the first few days of June the year before that. We’re now into the last week of June and there hasn’t been any further update. Assume this is not good and maybe a sign that a capital raise is being lined up as part of the results announcement. Share price continues to drift - last sale 28 cents giving a market cap of $25 million.
Hard to believe it’s only 15 months since Ampersand turned up and subscribed for 17 million convertible preference shares at $1.30 each. Assume given Ampersand shares are preference shares, the tough trading conditions means that the ordinary shareholders are being hung out to dry because of Ampersand’s preferred position.
Shareholder Q&A....
https://www.usx.co.nz/uploads/paperc...pdf?1689552455
Is this out fit O K, is there a list of the Convert Note Holders ?
Sadly....... doesn't look like it is OK
CEO leaving......
https://www.usx.co.nz/uploads/paperc...pdf?1692065130
Sorry to see the CFO Nicole leave. Interesting only looking for an interim replacement while review of the future is concluded. Alex, the CEO, still in the role.
Interim result.
https://prod-trade.usx.co.nz/api/fil...b314f83fec.pdf